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Gather and Document Market Intelligence
Gather and Document Market Intelligence
Data and information that will contribute to the development of useful market intelligence will
come from internal and external, local and international sources that include:
market research and market newspapers, magazines, television
intelligence service organisations and other media
customers/ consumers and prospects Austrade
joint venture partners international government,
universities that can provide up-to- manufacturing, infrastructure and
date research data and analyses planning agencies
industry influencers government’s – government statistics
industry publications and industry web analytics
associations/ peak industry bodies the organization’s sales force
Social media—twitter, LinkedIn, a range of international bodies
face book, Instagram etc. chambers of commerce and business
digital tools and analytics that help institutes
assess industry behavior foreign embassies and trade missions
competitors / competitor analyses the companies register or equivalent
online directories in different countries
world industry reports
Customer queries/enquiries
Keep track of customer enquiries – from local or international sources. These can be
leveraged to provide information about customer and market needs and trends. Document all
enquiries– what enquiries are made, who made them, why are they being made and what the
customers actually want.
Salespeople
Sources of raw data for analysis can include sales logs (how much, how often, where) and
surveys. Sales people have the maximum interaction with customers and are in a great position to
provide practical and realistic market feedback.
An organization’s sales force can provide extremely useful information. They deal directly
with customers and they understand how well their marketing strategies are working, what
customer’s think of the products/ services on offer and how they respond to the sales message.
They can also elicit from customers, information about product/ service improvements or new
products that might be accepted in the market. Customers will be, in the main, happy to provide
information about competitor products and services and comparative ratings.
The Internet
Always check for customer feedback online.
The Internet can also be an amazingly useful tool for gathering data and information. Social
media monitoring can be used to find out what customers think of an organization’s product/
service offering, what information is being exchanged and what customers want or expect from a
company.
There are social media monitoring agencies that map various platforms for their clients, to
find out what consumer opinions are. They can even try to build a brand or change consumer
psychology through online interactions such as Facebook or Twitter comments, blogs, forum posts
etc.
For organisations intending to enter overseas markets or to increase their participation in
overseas markets, collecting, documenting and evaluating the information gathered from social
media and other Internet sources will be extremely valuable.
Survey and information gathering tools can be purchased and downloaded from the
internet. Business organisations wishing to conduct their own research or conduct surveys can
readily access these tools.
Customer lists should be documented and properly maintained/ kept up to date.
An organization’s own e-commerce records and analytics will provide market intelligence
that contributes to forecasts. If the organisations is operating an e-commerce site they will be able
to gather and record data relating to where their customers come from, what they look at, what
they purchase and how satisfied they are with their purchases. They identify patterns then test
different content, taglines, signposts and offers, using market intelligence to determine new
directions or to improve what they do.
Keeping track of all the information included in market intelligence can become time-
consuming. Again, online tools exist to help gather, analyze and store market intelligence, with
options for cloud management and storage.
Evaluate commercial services providing market intelligence
Market intelligence is used to answer concrete questions about current and potential
customers and about competitors. It helps a company determine strategic and marketing goals. It
is largely synonymous with market research- same process of gathering, recording, analyzing and
interpreting market data.
‘In practice market intelligence tends to refer to the branch of market research called market
assessment research, which is designed to help a company establish a foothold in a market, or
increase its presence in a market. As such, typical areas covered would be routes to market
analysis, market size calculations, competitor analysis, substitute products (or services) analysis,
and market growth predictions – in summary, information about the external market environment’.
(b2binternational.com)
Commercial services
For organisations not prepared to collect their own data, and use or hire an in-house analyst,
a third-party specialist could help with the development of appropriate and useful market
intelligence.
Although a lot of information can be found on line, much valuable information cannot be
found on line. General information is often freely available but the collection of competitor
information that is specific, reliable and validated can require the skills of a specialist market
intelligence provider who can, for example, ‘glean information from the competitor or another
source. Similarly technical information, particularly in rapidly evolving (and therefore
confidential) areas such as product development, is often poorly documented and therefore
requires one-on-one discussion with a technologist’. (b2binternational.com)
A specialist analyst can develop a nuanced picture of the market by communicating with
manufacturers, distributors, clients/ customers/ consumers, and others involved in the creation and
distribution of the company’s products/ services. This type of dialogue, along with hard data and
market research, makes up the majority of a company's market intelligence.
Businesses can use this information to make important decisions, including those related
to market opportunities and market development.
There are many specialized services available and all can be identified on the internet.
Choosing the right company or contractor is important.
Making a selection
Each organisations will have their own particular vision and their own particular needs.
There is no one method to follow when making a selection.
The analyst selected must understand the objectives of the company and be in tune with its
needs. The company will need to develop criteria against which they can evaluate any commercial
services, in order to make a selection regarding the service they wish to use. As with any other
service it is better to get quotes or to enter into initial negotiations with more than one service
provider, in order to make comparisons.
Criteria that a company might consider:
costs attributed to the contracted analyst
the risks of using external service providers
the benefits of using external providers
the reputation of the analyst (company)
how to measure value for money
how to make comparisons between the offers from the different companies
They need to know what each analyst will do and provide.
For example, will the analyst provide:
pricing research results that calculate what prices the market would bear for different types
of offering
detailed competitor profiles covering topics such as company characteristics
views on marketing strategies and expansion intentions
the results of competitor pricing research
data gathered as result of interviews with customers, competitors, suppliers and other
industry players and experts
results of internet, website, ecommerce and press searches
international market data from countries such as China, India, Russia, South Africa and
Brazil which are seeing repeated double-digit growth rates year-on-year
information about:
o where the company should devote more resources
o which markets it could try to infiltrate next
o any patterns associated with the company’s best customers and their purchasing
behavior’s
o what products could be cross-marketed to existing customers
o the demographic segments into which the company can push new and existing
products
Results within the organization’s time frames and deadlines?
Evaluation of market performance will require, along with market intelligence, the collection,
collation and analysis of data from internal sources and relating to:
sales/ sales numbers
revenue
customer satisfaction
customer complaints
customer requests
costs – return on investment (ROI)
budgets
up-take
meeting KPIs
marketing mix
positioning
pricing
Marketing performance metrics help measure the degree to which marketing spending
contributes to profits and highlight how marketing contributes to, and complements sales and
customer service.
‘All measurement systems should take into account accuracy, repeatability,
reproducibility, bias, and data shifts, and data drifts. Measurement error must be quantified so that
managers can react to changes in conditions, but not to changes due to measurement variation’.
(lumenlearning.com)
Marketing performance connects directly with the financial performance of the
organisations.
To address marketing performance it is necessary to:
develop realistic KPIs
use Return on Investment (ROI) and, possibly, Return on Marketing Investment (ROIM)
analytics
measure marketing results/ responses from customers’/ consumers’ viewpoints
include all marketing activities
monitor and review on a regular basis
meet the specific technical criteria required of all measurement systems
consistently use formalized methodologies to gather data and monitor marketing
performance, in order to make accurate and useful comparisons(lumenlearning.com)
use the data collected to identify meaningful performance patterns and to identify the ways
in which marketing generates revenue
By developing marketing metrics relevant to the company and its goals, organisations can
readily monitor their performance and make adjustments as needed.
A range of tools can be used to gather data that informs an organisations about opportunities,
threats, and its own strengths and weaknesses. These tools include SWOT, PEST, PESTLE,
STEEP etc. analysis tools. Information generated by using these tools can contribute to a sound
evaluation of the organization’s marketing performance.
Assess and evaluate the market intelligence for its relevance and applicability to the
organization’s international business activity, for example; its strategic objectives, such as gaining
a foothold in a foreign market, collaborative research and development, and overcoming barriers
to entry or expansion, capital efficiency and relationships.
In international (and domestic) markets marketing performance can be reduced to (1) basic
company offerings, (2) contractual links with foreign distributors/agents, (3) promotion and (4)
pricing. (labs.openviewpartners.com)
Online marketing
Marketing analytics is the process of measuring, analyzing, and managing the
organization’s marketing strategy/ies and performance to maximize its effectiveness and optimize
return on investment (ROI).
Analytics allow marketers to be more efficient and maximize the effectiveness of the
marketing budget.
If an organisations offers online marketing to its customers (local and international) then it
will be necessary, in order to evaluate performance, to collect and use data relating to specific
web marketing metrics such as:
quality scores landing page optimization
key words mobile optimization
impression share conversions
click-through rate customer presences and trends
keyword optimization feedback
account activity social media network results – leads/
ad text optimization sales
Evaluation of market performance is intended to track sales plus any wasteful spending.
The ability to track and analyze website activity and identify where the traffic comes from (where
the market is), as well the ability to analyze sales metrics, is vital to the success of any online
business.
The business needs to know about:
‘Product Design: Keywords can reveal exactly what features or solutions your customers
are looking for.
Customer Surveys: By examining keyword frequency data you can infer the relative
priorities of competing interests.
Industry Trends: By monitoring the relative change in keyword frequencies you can
identify and predict trends in customer behavior.
Customer Support: Understand where customers are struggling the most and how support
resources should be deployed’.(wordstream.com/marketing-analytics)
Market evaluations can help the organisations forecast future direction and streamline its
marketing efforts in order to achieve its desired goals.
Additional Reading
Video Links
5 Key Business Intelligence Trends for 2019
https://www.youtube.com/watch?v=vSoDzYhAKNs
Starbucks SWOT Analysis
https://www.youtube.com/watch?v=mR9eICQJLXA
Web Links
Benefits and risks of trade shows and exhibitions
https://www.business.qld.gov.au/running-business/marketing-sales/marketing-promotion/show-
exhibition/benefits
Country commercial guides
https://www.export.gov/ccg
Check your Knowledge
True or False statements. Answer True (T) or False (F).
True False
1. Marketing is the processes of selling products and services.
2. Market intelligence is only needed by businesses that operate in
international markets.
3. Forecasting is a process of using data and information to make educated
guesses.
4. Some of the data to inform market intelligence can be gathered at
networking functions, expos, trade fairs, seminars and conferences.
5. Market intelligence uses information to create a picture of the
company's existing market, customers, problems, competition, and
growth potential.
6. Customer and consumer feedback is a very unimportant part of market
intelligence.
7. Sometimes it is wise to use the services of commercial companies that
specialize in gathering and interpreting marketed data.
8. Even organisations that participate in IJVs must utilize market
intelligence to ensure that the business is on track to achieve its
objectives.
Multiple choice questions. Select the answer you think is correct.
1. Market intelligence is:
a. Needed so you can determine how smart your customers are.
b. Only needed for domestic marketing.
c. Information that organisations can use to achieve their goals.
d. Used to make decisions about how many staff the organisations needs to employ.
2. One of the reasons why marketing performance should be consistently monitored and
evaluated is to:
a. Identify which salespeople are performing well and which salespeople are
underperforming.
b. Decide what marketing media should be used.
c. Summarize the quantity of product/services sold during a particular period of
time.
d. Highlight how marketing contributes to, and complements sales and customer
service.